During the early 19th century, Detroit quickly became a hub for innovation, commerce and manufacturing because of its easy access to riverways and rail lines. Michigan’s growth continued throughout the 20th century with the growth of automobile manufacturing in Detroit and lumbering and furniture manufacturing in Grand Rapids.
Sadly, the last decade saw Michigan’s growth and innovation disappear due to failed programs and policies put forward by Democrats statewide. Michigan’s reliance on the automotive industry meant that our state was hit hardest during the recession, and jobs and people left the state as a result.
Since then, the economy is turning around, and House Republicans are recognizing Michigan’s past as a hub of innovation and once again coming up with pioneering ideas for a brighter future in Michigan. The Michigan Invests Locally Exemption (MILE) program is one of those groundbreaking ideas.
The MILE establishes a Michigan-based and operated version of the crowdfunding idea, similar to online websites like Kickstarter and Indiegogo.
However, the MILE program differs in that investors purchase equity in the company, allowing Michigan residents to invest in Michigan businesses and create Michigan jobs.
The program is a unique approach that creates growth opportunities for Michigan that might have not normally been there. For example, if a small business wants to expand to a second location – but doesn’t have all the capital it needs or the bank will not approve a large enough loan – the company can use MILE to seek out investors. The other local investors get a share – an ownership stake – in the company by investing money to help the company grow.
Democratic policies over the last decade brought about an exodus that scared away jobs and people, but Republicans have helped Michigan come back from the last decade by proposing and implementing new and innovative ideas.
Michigan’s history as a hub for innovation and economic growth is no longer just a story from the past, but thanks to House Republicans it’s the story of our return to a brighter future.
MILE by MILE, Republicans are helping Michiganders invest locally!